Hawaiian Fund Manager Reaches Settlement with SEC

ImageThe Securities and Exchange Commission has settled with a hedge fund manager from Hawaii over charges that he falsely represented his funds to investors.

Reported by Ricardo Kaulessar, editor of HFB, according to the SEC, Gary Marks has agreed to pay disgorgement of $321,702, a penalty of $100,000, and prejudgment interest without admitting or denying the allegations brought against him.

The Commission alleged in a complaint filed in U.S. District Court in San Francisco that Marks “negligently misrepresented the level of correlation and diversification” among some fund of funds hedge funds that he ran through his firm Sky Bell Asset Management from 2005 to 2007. The firm has not been registered with the SEC since 2008.



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s